The case involves a dispute over the sponsorship and funding obligations for a pension plan formed by a Hospital Authority in Georgia. Our...more
In surprising news for the California county retirement system community, on April 17, 2024, the California Supreme Court granted review of Ventura County Employees’ Retirement Ass’n v. Criminal Justice Attorney’s Ass’n of...more
UPDATE: On January 18, 2024, the Second DCA responded to requests for publication of its decision discussed in our last eAlert on this topic (below) and certified the decision for publication. This is an important next step...more
Our July 14, 2023 Client Alert discussed the information and documents that Connecticut Public Act 23-182 requires municipalities sponsoring retirement plans to provide to the Comptroller’s Office by September 1, 2023. On...more
August 31, 2023 is the deadline to register your business for the state-sponsored employee retirement savings program MyCTSavings. If you currently sponsor a retirement plan that complies with the requirements of...more
On May 19, 2023, Governor Tim Walz signed into law House File No. 782, establishing the Minnesota Secure Choice retirement program. Minnesota has now joined California, Colorado, Oregon, Illinois, and other states in creating...more
New Deadline is August 31, 2023 - Connecticut has established a state-run employee retirement savings program ("MyCTSavings") that launched in 2022 and is administered by the Office of the State Comptroller. The individual...more
I like state mandates for retirement plan coverage, because it increases interest in employers sponsoring 401(k) plans. I’m of the opinion that when push comes to shove, employers would rather sponsor their own 401(k) plan or...more
On January 30, 2023, the Fourth District Court of Appeal clarified which sorts of retirement benefit payments do and do not count as a “disability allowance” within the context of the reciprocity rules of the County Employees...more
Effective January 1, 2023, Senate Bill 1126 expands California’s CalSavers Retirement Savings Program by requiring employers with at least one employee to register for CalSavers by December 31, 2025, if the employer does not...more
California Governor Gavin Newsom recently signed legislation that will expand CalSavers, the state’s IRA-based retirement program, to cover virtually all California employers that do not sponsor their own qualified retirement...more
As of June 30, 2022, employers with at least five California employees must register for the CalSavers Retirement Program if they do not otherwise offer a 401(k) plan to their employees. The CalSavers Retirement Savings Trust...more
The CalSavers Retirement Savings Program (CalSavers) was established to assist the estimated 7.5 million California employees without employer retirement savings plans. Mandatory compliance is phased-in over time and depends...more
The deadline for California’s largest private-sector employers to either register for, or opt out of, the CalSavers Retirement Savings Program is quickly approaching....more
By September 30, 2020, all California companies with more than 100 employees must register with the CalSavers Retirement Savings Program (CalSavers) or certify that they are exempt. Employers without employer retirement...more
Important Upcoming Registration Deadline: California employers with more than 100 employees are required to register (or certify as exempt) with the CalSavers Retirement Savings Program (CalSavers) by September 30, 2020 (the...more
With an alarming number of American workers lacking adequate retirement savings, California and a handful of other states began implementing state-sponsored retirement savings programs. The CalSavers Retirement Savings...more
There are several tools that can be used to correct or fix governmental plan problems. First, some classification. Practically all the retirement plans we discuss are “tax-advantaged” in one form or another. However,...more
On March 28, 2019, New Jersey became the sixth state to pass legislation requiring that certain employers offer to employees a state-sponsored individual retirement account (“IRA”) program with automatic enrollment and...more
Oregon announced that their OregonSaves retirement program will now allow individuals, such as self-employed or gig economy workers, to join and start participating in this program for small employers. OregonSaves began...more
The US Department of the Treasury recently issued guidance that retirement plan sponsors should consider as part of their obligation to take reasonable steps to locate missing participants. Specifically, the Treasury issued a...more
The ERISA Industry Committee (ERIC) has filed a lawsuit challenging the enforceability of the OregonSaves Retirement Program (OregonSaves). The ERISA Industry Committee v. Read, No. 3:17-cv-1605 (D. Or. Oct. 12, 2017)....more
Administering and providing retirement benefits can present difficulties to employers. If you offer such benefits, you must choose and monitor service providers, offer prudent investment options, and administer benefits,...more
The U.S. Department of Labor (“DOL”) has issued final regulations allowing states to implement state-sponsored retirement plans for private sector employees without running afoul of the Employee Retirement Income Security Act...more
Maryland joins California, Connecticut, Illinois, and Oregon in leading state initiatives to set up state-sponsored retirement plans for employees. The Maryland Small Business Retirement Savings Program and Trust (“the...more